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Switzerland Inflation November 2023

Switzerland: Inflation falls to over two-year low in November

Inflation edged down to 1.4% in November from October’s 1.7%. November’s reading marked the weakest inflation rate since October 2021, and was in line with the Central Bank’s target of below 2.0%. The reading was driven by weaker price pressures for food and transport. Inflation remained mild compared to neighbors—Euro area inflation clocked 2.4% in November—thanks to Switzerland’s ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth.

Accordingly, the trend pointed down slightly, with annual average inflation coming in at 2.2% in November (October: 2.4%).

Finally, consumer prices dropped 0.24% in November over the previous month, swinging from the 0.09% rise recorded in October. November’s result marked the weakest reading since November 2020.

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